ZURICH/ABU DHABI, 22nd March, 2023 (WAM) — Sygnum, the world’s first digital asset bank, has announced the opening of its Middle East hub in the Abu Dhabi Global Market international financial centre to provide a portfolio of Swiss-regulated crypto banking services.
Sygnum Bank Middle East has received a Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA), following its in-principle approval in October 2022. Seasoned Middle East Executive, Giulia Finkbeiner-Bertoni, leads Sygnum’s operations across the region and opens the office in the ADGM International Financial Centre.
Sygnum Bank Middle East will offer personal, concierge-style client service, enabling convenient local client access to a portfolio of Swiss-regulated digital asset banking, asset management, tokenisation and B2B banking services. With regional demand for regulated crypto services on the rise, clients will be drawn from a diverse range of sectors, ranging from existing local crypto foundations and projects to “traditional” institutional investors and qualified HNWI looking for trusted crypto asset exposure through a regulated partner.
Sygnum Bank Middle East’s Senior Executive Officer, Giulia Finkbeiner-Bertoni, said, “The UAE has a proactive investment programme, a progressive crypto regulatory framework and a dynamic, tech-driven economy. We look forward to leveraging this momentum by bringing Sygnum’s trusted digital asset services to Abu Dhabi and the region.”
Sygnum’s local presence in Abu Dhabi enables it to directly access a large and increasingly crypto-active wealth management market. According to new research, the emirate of Abu Dhabi is a true “falcon economy” possessing the highest economic growth in the MENA region. With 35 percent of the UAE population already invested in the local US$25 billion crypto market and over 1,400 crypto organisations locally-based, Abu Dhabi has the potential to become a future regional and international hub for Web3, metaverse and blockchain-based projects.
Welcoming the FSP announcement, Arvind Ramamurthy, Chief of Markets at ADGM, said, “ADGM congratulates Sygnum Bank ME for obtaining their Financial Services Permission from ADGM’s FSRA and welcome them to our rapidly growing business ecosystem. We believe that Sygnum’s regulated finance offering in Abu Dhabi is a significant addition to our community and will contribute to the growth of the region. As the largest regulated jurisdiction for digital assets in the MENA region, ADGM acts as a catalyst with the right tools that enable the growth of such companies within the UAE’s financial sector. With Sygnum’s presence in the region, we are committed to upholding market transparency and integrity that bolsters the economic growth of Abu Dhabi, attracts global companies and aids in making it a digital-first international financial hub for seamless business transactions.”